Lubricant consumption in South Korea, the eighth-largest lubricant market in the world, fell to a 10-year low of 889,600 tons in 2019, according to the Korea Lubricants Industry Association. Over the past 20 years, South Korea’s lubricants consumption has remained at nearly 1 million litres per year. Volume sales of automotive lubricants declined by 0.6%…
The global base oils landscape will become increasingly competitive with a shift to Groups II and III while supply will outpace demand, the vice president at ICIS Consulting said on Thursday. Stefano Zehnder said Groups II and III capacity expansions to 2025 will be 50% greater than demand growth, according to ICIS projections. Meanwhile, Group…
South Korea lubricant consumption fell to a 10-year low of 990,455 kiloliters (889,627 metric tons) in 2019, the Korea Lubricating Oil Industries Association said in a report last week. Last year’s total represented a 4.6 percent decrease from 1.04 million kiloliters in 2018, and the country’s lowest level of lube consumption since 2009, when the…